Local Comment on Today’s Small Business Jobs Report

July 6, 2023

Local Comment on Today’s Small Business Jobs Report

FOR IMMEDIATE RELEASE Contact: Tony Gagliardi, Colorado State Director, tony.gagliardi@nfib.org, or Tony Malandra, Senior Media Manager, anthony.malandra@nfib.org DENVER, July 6, 2023—Another monthly small-business Jobs Report another dismal reading for the Main Street enterprises of America. That was the attitude today of the Colorado state director for the association that produces the National Federation of Independent Business’ (NFIB) monthly measurement of hiring. “Many Colorado small businesses continue to search for employees to man the workstations,” said Tony Gagliardi, Colorado state director for NFIB. “Whether in construction or the food industry, Main Street businesses have exhausted their tool kit. From increasing wages to enhancing benefits, including flexible work schedules, Colorado small-business owners should receive awards for their continued survival.” Released on the first Thursday of every month, NFIB’s Jobs Report is one of the 10 components of the association’s Small Business Economic Trends report (aka the Optimism Index), which is released the second Tuesday of every month. The SBET/Optimism Index is considered by federal and state policymakers to be the bellwether measurement of America’s Main Street economy. The SBET/Optimism Index is a national snapshot not broken down by state. The typical NFIB member employs 5-9 people and reports gross sales of about $500,000 a year. Highlights from Today’s Jobs Report

Forty-two percent (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down 2 points from May.

The share of owners with unfilled job openings far exceeds the 49-year historical average of 23 percent although it is 9 percentage points lower than the record high of 51 percent last reached in May 2022.

Thirty-five percent have openings for skilled workers (down 3 points) and 18 percent have openings for unskilled labor (down 2 points).

The labor force participation rate remains below pre-Covid levels, contributing to the shortage of workers available to fill open positions. But openings are trending down, although from historically high levels.

From NFIB Chief Economist William Dunkelberg “The labor force participation rate remains below pre-COVID levels, which is contributing to the tight labor market seen on Main Street. With labor demand remaining strong, owners will have to continue raising compensation to compete and fill their open positions, although that pressure is easing a bit.” Keep up with the latest Colorado small-business news at www.nfib.com/colorado or by following NFIB on Twitter @NFIB_CO or on Facebook @NFIB.CO ### For 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com. NFIB Colorado 1700 Lincoln Street, 17th Floor Denver, CO 80203 303-860-1778 www.nfib.com/colorado Twitter: @NFIB_CO Facebook: NFIB.CO